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I am often guiding my coaching clients how to have powerful
conversations with potential partners so that they can be
clear about what they want to gain and what they have to
offer.

The ability for an entrepreneur to forge a strategic
partnership (whether it is a business partnership, a
joint venture or a short-term alliance) is critical for
continued financial success in an ever-changing and highly
competitive environment. Here are some tips:

1. See beyond what's on the table. Imagine
there is one chocolate chip cookie on the table but everyone
wants a piece. It’s warm, chewy and calling you by name. OK, now
imagine there is another whole sheet of cookies baking in the
oven.

This is the best way I can describe the scarcity-abundance
theory. The bottom line is that when we enter strategic
partnerships, the dynamic plays out best when we come from a
place of abundance.

Sure, when we come together to create new partnerships, we can
feel anxious and exposed. Take a deep breath and believe that all
parties will eventually have their needs met to put you in the
optimal position for achieving a better partnership.

2. Be clear on your why.Often
people enter into partnerships because they don’t feel they have
enough value on their own. Coming from this place almost never
creates a mutually beneficial relationship. The chance of getting
burned is almost guaranteed.

Be clear on the value you bring to the table. Be honest about why
you're interested in creating a partnership and what you bring to
the table. Write down the answers to the following: “Why
does this relationship benefit my professional and personal
growth?” and “What do I expect to gain from this
partnership?”

This is not a time to hash out your business plan or a mission
and vision statement. If you don’t have clear answers to these
questions, you're not in a position to create effective
connections.

Do your homework. Do not pass "go" until you have these answers
covered.

3. Understand the why of your potential
partners.Do not hesitate to ask a
potential partner why he or she is seeking to connect and what he
or she is hoping to gain.

The answers are not always clear at the outset. Listen carefully
to what the other party is saying. Do you have the right
chemistry and a shared vision to make this relationship mutually
beneficial?

If you sense resistance or a lack of clarity, postpone any
decision making until your questions are answered completely and
you're confident this relationship will be profitable and
beneficial to you both.

4. Seek commonality and a shared
vision.Do you see this partnership as
boosting the vision of both sides? Do you share the same
excitement and passion for what you do and how you want to grow?

Certainly everyone comes with different strengths and weaknesses,
however, the best partnerships work because the vision and values
are shared as well as passion and enthusiasm. These can carry the
partnership through any sticking points in negotiations.
Remember, the best partnerships work most smoothly when each
party’s strengths shore up the connection to create elevated and
shared success.

5. Don’t rush the process. There is no need
to hurry into a deal.Sometimes
enthusiasm and excitement can blind you to red flags and foibles.
Set a follow-up meeting to address next steps so as to be sure
that both parties are on board and equally committed. A lack of
follow-through by one party could mean stress and strain in the
future. Judicious and thorough planning are key.

6. Expect to be uncomfortable. When hashing
out details about what each party brings to the table, expect
some push and pull. A lot of people become uncomfortable with
disagreement. Don’t let that be you. By being prepared, you will
be clear about where you stand firm and where you can give way.
Negotiation is a dance and as the saying goes, it takes two to
tango.

By holding on for a positive outcome, commit to moving through
sticking points with grace and tact. Expect win-win
relationships. Initial enthusiasm can open the door but
stick–to–itiveness seals a good deal.

7. Write things down. Great partnerships
require great protection. Seal all agreements in writing to avoid
messy breakups in the future. This is one of the hardest
conversations to have but by far the most important.

How many times have you heard about a partnership that started
off rosy and blew apart with hard feelings and even costly
results?

A great way to phrase this is to say, “I’m really excited about
this partnership and I think we will achieve great success
together. Because I value our relationship so much, let’s put our
agreement in writing to protect our interests and ensure our
growth as partners. How does that sound to you?”

Granting yourself some protection by signing on the dotted line
is brilliance in action. Respect yourself enough to protect
yourself and your ideas. Contracts preserve relationships not
destroy them.

If a possible partner bristles at signing anything in writing,
thank your lucky stars and walk away. Integrity includes clarity
of principle. And an agreement in writing seals a relationship
and provides a level of security and fairness that is
priceless.